But Prime Minister Sheikh Hasina reversed the move on Thursday, keeping the existing multiple rates of VAT for the next two fiscal years.

The backtracking on the decision by the ruling party is seen as a move to draw votes in the next election scheduled to be held by early 2019.

"It appears from the decision that the government wishes to return to power by any means and unleash the law on the people after gaining power again. This two-year suspension carries a bad omen for the future," said Rizvi.

He also termed the budget 'anti-public' and 'a bizarre joke'.

"It will pull down the standard of life, drive inflation and hinder development. It is a budget of pickpockets who steal money from the people," he added.

The BNP leader rejected Hasina's claim that the budget aims to make Bangladesh self-sufficient.

"The government plans to take Tk 454.2 billion foreign loans and Tk 55.04 billion foreign aid to make up for the budget deficit. It means that the prime minister's speech was a blunder," he said.